WASHINGTON (dpa-AFX) - Pebblebrook Hotel Trust (PEB), a real estate investment trust, Thursday reported second-quarter funds from operations, or FFO, to common stockholders of $41.3 million or $0.54 per share. This compares with FFO of $30.6 million or $0.40 per share last year.
Excluding items, adjusted FFO for the quarter was $36 million or $0.56 per share, compared with $26.4 million or $0.43 per share a year ago.
Analysts polled by Thomson Reuters projected FFO of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.
Net earnings to common stockholders for the quarter were $16.6 million or $0.26 per share, compared with $8.7 million or $0.14 per share last year.
Revenue for the quarter was $147.5 million, compared with $126.3 million in the prior year. Analysts projected revenue of $152.3 million.
For the third quarter, the company expects adjusted FFO of $0.60 to $0.63 per share, while analysts expect $0.61 per share.
For fiscal year 2014, the company raised its adjusted FFO guidance, now expecting that to be in the range of $1.87 to $1.93 per share, from prior guidance of $1.78 to $1.86 per share.
Analysts estimate FFO of $1.90 per share for the year.
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